A.M.P. SOCIETY.

New Zealand Mail, Issue 1262, 7 May 1896, Page 37

A.M.P. SOCIETY.

Sydney, April 30,

The forty-seventh annual report of tho A.M.P. Society, to be presented at the annual meeting on the 3th May, discloses an increased amount of now business represented by 10,857 policies, assuring £2,989,002, ami yielding an annual revenue of It 102,00 4.

Tho mortality experience'for the year lias been extremely favourable, !S-'t members having died, as against 8 1-8 in tho previous year. The annual investigation into the mortgage securities has been made, but owing to the particularly exhaustive investigation of the previous year, it has only been found necessary to set aside a further sum of about £ 10,000 to augment

tho reserve for possible depreciation. This reserve now amounts to £ 1-23,459. The report of the actuary, Mr Eichaid Teece, appended to the directors' report, reveals the fact that tho valuation of liabilities under all the policies issued since 31st December, 1893, has been made at three and a half per cent, interest, while for all previous to that date tho rate is £3 12s Gd per cent,, tho Society having thus been able to come down 2s (3d per cent, in the rate during tho year, instead of one shilling as originally intended, and the actuary sees his way clear to bring the rate down" to 3! per cent, at the end of 1897, thus completing in three years what it was expected would have occupied five.

The amount to be distributed amongst tho members is £132,522, yielding reversionary bonuses of about .£860,000, and certificates will be issued with the customary despatch. The ratio of expense is practically the same as last year, the rate being B.} per cent, on the annual income. The effeetivo rate of interest for the year shows a decline, being at the rate of =£s 5s 2d per cent. The report further discloses the fact that the directors propose to invito the member present at tho annual meeting to nominate a committee of 12 policy-holders to confer with them and the representatives of tho local boards as to the propriety of amending tho by-laws.

[The annual report of tho Australian Mutual Provide:.t Society, a full summary of which appears above, is again before us, and as the majority of the New Zealand members \yi 11 he in possession of this elaborate exposition oi the affairs <■!' the Society, it will hardly he neee.--.sar/ at this stage to enter into the iloliiiis as 'shown in the report. 11 will ho KiitisfaeWy for the members to know that aftei' adding to the already largo sum for reserves, the amount available as a cash bonus is .£,'132,522 liJ.i lid for the .war. The average rate of interest realised during the year on the productive assets am ■-units to £"> 10s lOdpor cent., and considering the great fall which has taken place lately in interest throughout the whole of the world this amount is eminently satisfactory. Tho rate of mortality

is another matter of congratulation to tho . members, beingless than that of 1891. A siornifi- I cant fact is that the interest received on in- I vestments alone was .£79,792 4s 5d more than | the Society has been called upon to pay for death claims, expenses of management., medical fees and commission during the year. The expenses of management are very low, being 8"37 per cent, on the total receipts for the year. 'the amount of new business obtained during the year represents 10,8j7 policies, insuring £2,989,002, and yielding an annual premium income of £139,9(ii lis Id. (Of this amount New Zealand contributed 2177 policies, insuring £578,130, and yielding an annual premium income of £21,187 5s 3d ) This is an enormous amount to be obtained in one year from such a well insured population as that of Australasia, and is a proof of the great popularity of this institution. The total number of policies now in force is i 121 903, assuring £10,081.930, with an annual premium income of £1,311,511 10s 2d. The accumulated fundnowamounts t0£13,102,01Its Gd, being an increase of .£727,372 Is 3d for the one year. Of the above funds £2,000.000 are invested in New Zealand. Tho total number of policies on the Nciv Zealand registers is 21,505, assuring £0,311,907 and yielding an annual premium income of £201,910 7s fid. The net increase in the business in Now Zealand for the year is larger than that o. any of the other'branches of the Society in Australia. We have the greatest pleasure in congratulating tho members on the highly satisfactory nature of the report of their Society, which now holds the enviable position of being the hrgest oflice doing ordinary life assurance in the British dominions.'